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Aug 20, 2009
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do you expect opec ministers to increase output, cut output or keep it right where it is. >> it will be price dependent to a degree but to the extent we are below $85 a barrel they will do nothing. however they are in a very activist mode v been now for a couple of years. if prices continue to go higher, i would look for moves quickly by saudi arabia, they got more oil on the market and for them to convene via telephone if not in a special meeting to up all the production quotas to get the price under control. they don't want it to run away again and to trip us back into another round of a recession or economic contraction. >> let me back up a little bit again on your $100 oil prediction. what does that translate to at the pump? what would that mean for gasoline prices? >> much higher obviously. i do want to say, i'm not saying it a virtual lock. because there will be price resistence at points such as 80 and $85 a barrel there will be consumer pushback as gasoline retail prices climb well above that $3 bevel level. hast year we didn't see the consumer pull back until gasoline prices
do you expect opec ministers to increase output, cut output or keep it right where it is. >> it will be price dependent to a degree but to the extent we are below $85 a barrel they will do nothing. however they are in a very activist mode v been now for a couple of years. if prices continue to go higher, i would look for moves quickly by saudi arabia, they got more oil on the market and for them to convene via telephone if not in a special meeting to up all the production quotas to get...
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Aug 20, 2009
08/09
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sai arabia is chief among opec members in cplying with their qta by $110% so they really cut back as have our nations refiners in terms of their ru rates. e amount of gasoline and dieseluel they are producing. also very ch constrain, nning at below 85%, really all year to try to kp a lid on burgeoning supplies. >> well, nowhat you bring up opec, they do have meeting coming up on september 9th. do you expect opec ministers to increase output, cut output or ep it right where its. >> it will berice dependent to degree but to the extent we are below $85 a barrel they wil do nothing. howevethey are in a very activist modev been now for a couple of years. ifrices continue to go higher, i would look for moves qukly by sau aria, they got more oil on the market and for them to convene via telephone if not in a special meeng to up all the pduction quotas to get e price under control. theyon't want it to ru away aga and to trip us back into another round of a recession o economic contraction. >> let me back up little bit again on your$100 oil priction. what does that translate to at the pump? w
sai arabia is chief among opec members in cplying with their qta by $110% so they really cut back as have our nations refiners in terms of their ru rates. e amount of gasoline and dieseluel they are producing. also very ch constrain, nning at below 85%, really all year to try to kp a lid on burgeoning supplies. >> well, nowhat you bring up opec, they do have meeting coming up on september 9th. do you expect opec ministers to increase output, cut output or ep it right where its. >>...
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Aug 11, 2009
08/09
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opec saying that a slow economic recovery and higher suppliers from non-opec countries will cause global demand to fall further than expected in its latest forecast. joining us now is floyd wilson, chairman and ceo of petro hawk be energy. guys, good to see you. mr. wilson, opec says demand is going to be even lower next year than people thought, which is already pretty low. is that your assessment of the energy demand in the world, as well? >> you know, michelle, petro hawk is so deeply involved in the natural gas business about, 95% natural gas, probably don't have as good a read on that as you might think being in the energy business. >> what do you see in terms of natural gas demand then? >> natural gas demand has gone through a turnaround the past year. demand is down due to recession and supplies are up because of the success in these great she'll plates in the united states. so we're expecting, i'm expecting prices to be soft for a bit longer. there have been enough rig cuts, you know, rig usage doubts help the supply side out a bit. >> mr. wilson, do you also expect soft demand?
opec saying that a slow economic recovery and higher suppliers from non-opec countries will cause global demand to fall further than expected in its latest forecast. joining us now is floyd wilson, chairman and ceo of petro hawk be energy. guys, good to see you. mr. wilson, opec says demand is going to be even lower next year than people thought, which is already pretty low. is that your assessment of the energy demand in the world, as well? >> you know, michelle, petro hawk is so deeply...
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Aug 21, 2009
08/09
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udi arabia is chief among opec membs inomplying with theiruota by $110% s they really cut bac as have our nations refiners in terms of their n rates. the amount of gasoline and dies fuel they are producing. also vermuch constraed, running at below 85%, really all ye to try toeep a lid on burgeoning supplies. >> well, n that you brin up opec, they di have meeting coming up september 9t do you expec ope ministers to increase output, cut output okeep it right where is. >> it will be price dependent to a degre but to the extent we are below $85 a barrel they wl do nothing. hower they are in a very activist mod v been now fo a couple of years. prices continue to go higher, would loo for moves quickly by sdi abia, they got more oil on the market and fo them to convene vi telephone if not in a special mting to up all theroduction quotas to gethe price under control. they don't want it to run away again a to trip us back into anotheround of a recession or economic contraction. >> let me back up a lile bit again o your $1 o predicon. what does that translate to at the pump? at would that mean
udi arabia is chief among opec membs inomplying with theiruota by $110% s they really cut bac as have our nations refiners in terms of their n rates. the amount of gasoline and dies fuel they are producing. also vermuch constraed, running at below 85%, really all ye to try toeep a lid on burgeoning supplies. >> well, n that you brin up opec, they di have meeting coming up september 9t do you expec ope ministers to increase output, cut output okeep it right where is. >> it will be...
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Aug 11, 2009
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heard the stats what opec is saying in terms of demand next year. when you say recovery and demand, just how much? a weak recovery or a strong recovery? >> a modest recovery. i think the supply decline will be a more important factor. if you look at natural gas supply in america, up until a couple years ago, it had been in a slight decline. then we ramped it up about 14% on shore through that massive drilling effort. without that, we look for natural gas supply to return to more like what it was a couple of years ago. and that bodes well for the price. that coupled with a modest recovery next year in demand and then over the years maybe a more robust one. >> mr. simpson, i'll be very interested to see what happens with your hedging program. southwest airlines henced the price of oil for so long and it bed them well and until the price fell dramatically and then it hurt them. that's the hencing game. that's how it is. >> it is. and so far, we've been very fortunate. >> yes, you have. good to see you. enjoy the rest of the conference. health care issu
heard the stats what opec is saying in terms of demand next year. when you say recovery and demand, just how much? a weak recovery or a strong recovery? >> a modest recovery. i think the supply decline will be a more important factor. if you look at natural gas supply in america, up until a couple years ago, it had been in a slight decline. then we ramped it up about 14% on shore through that massive drilling effort. without that, we look for natural gas supply to return to more like what...
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Aug 11, 2009
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most notably opec cutting 2010 opec oil forecast for $1.6 billion. they had seen demand going down by 380,000 barrels a day. they now see it dropping 480,000 barrels per day to 27.97. at the same time, kuwait saying they arrested six al qaeda members for a bomb plot that was targeting u.s. bases and other important institution. as i said, oil stock above or below the 70, 71 dollar per barrel. we're seeing a bid in gasoline but little change here today. same for natural gas and also heating oil here today we've got to watch the dollar, the stock market and of course when inventories come out tomorrow. let's get to rick santelli now at cme. >> thanks, nesto we're looking at supply today. one month bill, $35 billion. interest rates moving a bit lower. have we reached point where investors are going to buy back in the treasuries if prices move down enough? enough of a concession? that's probably part of it. i think also think there's a darker side to the increased product tifrty. many looked at that labor report as a big positive last week, but maybe hav
most notably opec cutting 2010 opec oil forecast for $1.6 billion. they had seen demand going down by 380,000 barrels a day. they now see it dropping 480,000 barrels per day to 27.97. at the same time, kuwait saying they arrested six al qaeda members for a bomb plot that was targeting u.s. bases and other important institution. as i said, oil stock above or below the 70, 71 dollar per barrel. we're seeing a bid in gasoline but little change here today. same for natural gas and also heating oil...
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Aug 8, 2009
08/09
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and even when opec is doing its worst, cars are more efficient to fuel than horses are, although a roll in the hay is preferable to a roll in the petroleum and anyone who thinks the cars have the greenhouse gases and horses do not has not spent enough time behind a horse, you know? for the purpose of ennobling us schlumps, the car is better than a horse in every way, you know? it costs less and is more convenient and we don't get kicked and smelly, and it is much easier to drive than toit to ride and i took up horseback riding when i was almost 06 and on the other hand, i began to drive, when i began to drive i was so small that when i was driving my cousin, tommy had to lie on the transmission hump and operate the accelerator and brake with his hands because i couldn't reach them with my feet and all this grown-ups, after they had gone to bed tommy and i shifted the buick into neutral and this very car, as a matter of fact, one very like it, pushed it down the driveway, out of ear shot and fired up the engine and toured the neighborhood. now comparatively speaking the difficulty of hor
and even when opec is doing its worst, cars are more efficient to fuel than horses are, although a roll in the hay is preferable to a roll in the petroleum and anyone who thinks the cars have the greenhouse gases and horses do not has not spent enough time behind a horse, you know? for the purpose of ennobling us schlumps, the car is better than a horse in every way, you know? it costs less and is more convenient and we don't get kicked and smelly, and it is much easier to drive than toit to...
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Aug 4, 2009
08/09
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. >> john says opec is cheating. so -- that opec isn't cheating. what do you think? >> opec we think is overproducing by over a million barrels a day. >> the difference between you two as i hear you speaking here is, john, you say it's all about demand and paul, you say it's all about supply. >> well, i guess to a degree, but i also on my side of the ledger have working for me is the continuation of the dollar and geopolitical issues. the nigeria situation is turning much worse for us. from a localized piece of the rock type of fight into a potential christian/muslim conflict countrywide. also you'll see the heat being turned up by israel on the iranian situation dramatically. that will reinflate the -- >> do you know what i didn't hear from either one of you? what about the dollar? >> we're bullish on the dollar. the one thing i'll concede is that if we're wrong, the dollar gets weaker, you can't really argue against oil. i think a lot of people are putting money into oil simply in order to own it as their hedge against weak currency globally. and that's really hard
. >> john says opec is cheating. so -- that opec isn't cheating. what do you think? >> opec we think is overproducing by over a million barrels a day. >> the difference between you two as i hear you speaking here is, john, you say it's all about demand and paul, you say it's all about supply. >> well, i guess to a degree, but i also on my side of the ledger have working for me is the continuation of the dollar and geopolitical issues. the nigeria situation is turning...
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Aug 28, 2009
08/09
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but at the end of the day the cftc doesn't really exercise jurisdiction over opec. it doesn't exercise jurisdiction over china and india's buying of commodities. and it only somewhat exercises jurisdiction over oil companies. they do, however, exercise jurisdiction over users of futures. that's why i think we become the focus. >> right. is it possible -- gary gensler is the head of the cftc. he's been on our program many times. is it possible to say that mr. gensler is between a rock and a hard place right now, that he's got a lot of pressure, that there are people who honestly believe there are dark, maybe mysterious force that's are manipulating things, particularly commodities out there, he wants to get a satisfactory answer? how can he do this without causing so much damage to the markets? what should mr. gensler be doing? >> he's got to look at data. he's got to look hard at what's driving the market and not just take the simple story at face value. if you actually dig in, there are probably good regulations to be had in here, but excluding individual investors
but at the end of the day the cftc doesn't really exercise jurisdiction over opec. it doesn't exercise jurisdiction over china and india's buying of commodities. and it only somewhat exercises jurisdiction over oil companies. they do, however, exercise jurisdiction over users of futures. that's why i think we become the focus. >> right. is it possible -- gary gensler is the head of the cftc. he's been on our program many times. is it possible to say that mr. gensler is between a rock and...
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Aug 13, 2009
08/09
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just look at the price in general, i want to share something from the libian opec oil minute -- opec needs the cup production even more. nat gas bullish on the inventorq number, popped a little bit, but back to the down side. let's go to rick in chicago. >> chuck, i love that! so higher stock prices are the culprit for higher oil. how fascinating. let's look at the yield curve today. we know we have the last leg of the auction's $15 billion in 30s of. if you look at a two-year note yield, it's virtually unchanged. but if you look at that aforementioned 30-year bond yield, you can see it's dropped close to a half dozen basis points. why? part of it might be a regrouping after yesterday's steepening, but it's very interesting that there is flattening going on, especially the day of a long-term auction. now let's look at the history real quick. three-year at 172, went off 178, six points, basis points lower in yield. if you bought t you're making money. let's look at the ten-year yesterday. 373.5 yield, it's at 367. the first two legs if you bought in, you're making some dough. steve, b
just look at the price in general, i want to share something from the libian opec oil minute -- opec needs the cup production even more. nat gas bullish on the inventorq number, popped a little bit, but back to the down side. let's go to rick in chicago. >> chuck, i love that! so higher stock prices are the culprit for higher oil. how fascinating. let's look at the yield curve today. we know we have the last leg of the auction's $15 billion in 30s of. if you look at a two-year note yield,...
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Aug 30, 2009
08/09
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opec last year cut production by 4.2 million-barrels from december 2007 levels. crude oil futures settled at $72.74 per barrel on friday. >>> this week the white house announced the ten year deficit projection is at $9 trillion. but our next guest says that really isn't is big deal. james joins us. a columnist for dow jones news wires. the author of the forever portfolio. james, thank you so much for joining us. >> thanks for having me. >> shannon: listen, i got to ask you. $9 trillion. most americans hear the t and they don't think it is not a big deal. is it? >> is iit is scary and you have nightmares about what if we default. putting it in perspective, our debt over gdp ratio is not so bad. we are actually less than japan, nor way, canada, france. we are probably not even in the top ten of industrial countries in terms of debt over gdp. second of all, it is not so bad if the dollar weakens as a result of it. it makes our eck ports go up and our tax revenues go up. >> shannon: past the time in u.s. politics and finance that people will even try to take care of
opec last year cut production by 4.2 million-barrels from december 2007 levels. crude oil futures settled at $72.74 per barrel on friday. >>> this week the white house announced the ten year deficit projection is at $9 trillion. but our next guest says that really isn't is big deal. james joins us. a columnist for dow jones news wires. the author of the forever portfolio. james, thank you so much for joining us. >> thanks for having me. >> shannon: listen, i got to ask you....
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Aug 19, 2009
08/09
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opec has been phenomenal in the compliance with their quotas. today is a big day in oil. i tell you, here's the debate going forward. what happens if we do get the surge in oil. does it have the growth we expect to happen. >> do you see oil leading the markets higher today. oil is higher because production levels are down which is causing the supply-demand imbalance. the stock market was based on oil going higher is a little bit phony. >>> absolutely. a little illogical but that seems to work. >> supplies-demands, they're in balance with way too much supplies in here. no reason they shouldn't be trading at $72. it's stock piled, played as an asset and a weak dollar. >> not a barometer for economic activity yet? >> i don't believe it is. it's a barometer for economic expectations down the road. >> but people -- we have the last second. the stock is trading lower. we saw it this morning. getting pounld in the dow. you know where it's finished. close. it was over 44. an incredible run. the margins looked better than people thought. the services business had that record numbe
opec has been phenomenal in the compliance with their quotas. today is a big day in oil. i tell you, here's the debate going forward. what happens if we do get the surge in oil. does it have the growth we expect to happen. >> do you see oil leading the markets higher today. oil is higher because production levels are down which is causing the supply-demand imbalance. the stock market was based on oil going higher is a little bit phony. >>> absolutely. a little illogical but that...
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Aug 21, 2009
08/09
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$1 trillion health care bill and $850 billion cap and trade energy tax where we do to ourselves what opec did in the 1970s. the employee's free choice act that mandates contracts run by arbitrators between unions and newly unionized firms. all have approximate teshl to kill the growth we might be seeing next quarter. >> the choice referred to as card check. you probably disagree with diana. those are job killers, but i want to get you to react to where we are in terms of the economy. to frame this question, what about what we have on existing home sales? 30% of the existing sales and the big jump with first time buyers, they will get a credit that will stop at the end of november. do we have the momentum to stop? >> we clearly have moment um going for us. part was due to cash for clunkers. the government is asking at least in the sumter get segments going. all those projects which i suspect have been funded will kick in and move from the consumer over into construction. i think when we do look out, there is no question about the risk and the reason why mr. bernanke is being cautious is th
$1 trillion health care bill and $850 billion cap and trade energy tax where we do to ourselves what opec did in the 1970s. the employee's free choice act that mandates contracts run by arbitrators between unions and newly unionized firms. all have approximate teshl to kill the growth we might be seeing next quarter. >> the choice referred to as card check. you probably disagree with diana. those are job killers, but i want to get you to react to where we are in terms of the economy. to...
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Aug 11, 2009
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we have, those can be taken out in less than ten years, you will reduce the foreign -- the oil from opec, which is 4.5 million barrels a day, you'll cut it in half. >> when you say take it out -- you're going to take those 18-wheeler truckers and take them off the road and instead of running on gasoline, they're going to run on natt gas, right? is. >> okay. when they replace their diesel, they replace it with natural gas. >> yes. >> they have $65,000 production tax credit on that. and now they're over on a domestic fuel. >> $65,000 production tax credit?? not for each 18-wheeler?? >> for each -- >> how many 18-wheelers are out there on the road, sir? >> 6.5 million.n. >> 6.5 million, how much are we talking about? here's the thing. . >> yeah, well, wait a minute. yeah, go ahead and get the number. i think 65,000 times 6.5 million 18-wheelers -- now, this is over a ten-year period, okay? okay. let's say -- what is it, 65,000 times 6 would be roughly -- >> 65,000 times 6.5 million 18-wheel truckers.. >> okay. that would be 400 billion. we're paying $400 billion a year. this is over a ten-y
we have, those can be taken out in less than ten years, you will reduce the foreign -- the oil from opec, which is 4.5 million barrels a day, you'll cut it in half. >> when you say take it out -- you're going to take those 18-wheeler truckers and take them off the road and instead of running on gasoline, they're going to run on natt gas, right? is. >> okay. when they replace their diesel, they replace it with natural gas. >> yes. >> they have $65,000 production tax...
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Aug 3, 2009
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once opec starts cheating, but i think over time it will go back to a higher number, not maybe where we were a year ago, but it's still a good bet. >> i've got to get out. you guys are terrific. james hackett, bob crandall, thank you, gentlemen, much more "the kudlow report" will be on tomorrow, and my friends will be on tomorrow morning and i'll be pushing the new bull market recovery. we'll be right back here. >>> all right, i'm going to hand my baton over to dennis neal. i've got to say something, man, i hope you do some work on americaana. they stuck their feet in it yesterday. >> they sure did and that's a big recovery killer.. i'm hoping a tax revolt is already underway, it'll stop it from happening, larry. >> have a great one, take care, buddy. >> and "cnbc reports" starts right now. >>> tonight, the bulls are back, no rest, up up and away, the s&p and nasdaq crossing big markers, 1,000 for the s&p, 2,000 for the nasdaq. tonight, how to prepare for your next move. we're talking winning stocks, etfs for the future and mutual funds set to take off. auto sales also revving u
once opec starts cheating, but i think over time it will go back to a higher number, not maybe where we were a year ago, but it's still a good bet. >> i've got to get out. you guys are terrific. james hackett, bob crandall, thank you, gentlemen, much more "the kudlow report" will be on tomorrow, and my friends will be on tomorrow morning and i'll be pushing the new bull market recovery. we'll be right back here. >>> all right, i'm going to hand my baton over to dennis...
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Aug 27, 2009
08/09
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oil is tough to figure because we have a surplus of oil even though opec has cut production. iraq is a big wild card. the country wants to produce. they can bring on 3 million to 6 million barrels a day. whether they can or not is what happens politically in the region. it's hard to know. so i don't know about oil. >> steve, let me ask you that, to challenge, we don't see any substantial job creation. we're probably going to lose another 250,000 jobs in the report next week. the unemployment claims came in today. we're muddling around 550,000. a lot of smart people think we should get that down to 400,000 or lower and, therefore, they're saying there is no sustainability. maybe the third quarter goes up for the inventory reasons you describe and ken describe. how do you respond to those critics that say there's just no jobs and, hence, income and consumer power? >> the same businesses, larry, faced with the end of the world back in january/february that slashed their production to save their companies also slashed employment much deeper than they needed to for the current env
oil is tough to figure because we have a surplus of oil even though opec has cut production. iraq is a big wild card. the country wants to produce. they can bring on 3 million to 6 million barrels a day. whether they can or not is what happens politically in the region. it's hard to know. so i don't know about oil. >> steve, let me ask you that, to challenge, we don't see any substantial job creation. we're probably going to lose another 250,000 jobs in the report next week. the...
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Aug 12, 2009
08/09
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as far as specific oil goes, it really -- when the dollar strengthens, it obvious ates the need for opec to make higher oil prices and reduce supplies because their nondollar revenues are going higher when the dollar is strong. >> it would if the dollar ever got strong, which is not going to happen. >> john, look, when you go back and look at last year, the oil shock was a big cause of the recession and the credit problems. i mean, the question is, do you deny that a strong dollar wouldn't have a positive impact on moderating oil, and other commodities? the theory -- let's just talk theory. people in the government don't seem to care about the dollar. but if they did, john, wouldn't that moderate your oil price estimates? >> and having been one to use the dollar weakness as a cause for rising oils, it's definitely a factor. it's almost a situation, larry, where the investors or consumers can't win for losing in that stronger dollar will be on the back of a recovering u.s. economy, and other factors which will then feed right into the demand side of the equation for crude oil, pushing its
as far as specific oil goes, it really -- when the dollar strengthens, it obvious ates the need for opec to make higher oil prices and reduce supplies because their nondollar revenues are going higher when the dollar is strong. >> it would if the dollar ever got strong, which is not going to happen. >> john, look, when you go back and look at last year, the oil shock was a big cause of the recession and the credit problems. i mean, the question is, do you deny that a strong dollar...
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Aug 13, 2009
08/09
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opec has removed 3 million barrels per day of oil from the supply side of the market. dramatically down by two. so there's a 1 million barrel per day or close to 1 million barrel per day deficit in -- >> addison, i know you want to respond, but we've got to go. just say no to subsidies, guys. thank you. see you later. foreclosures hitting record levels for the third time in the last five months. but are they really the thorn in the recovery's side? we're going to tell you when we come back. bad cholesterol but your good cholesterol and triglycerides are still out of line? then you may not be seeing the whole picture. ask your doctor about trilipix. if you're at high risk of heart disease and taking a statin to lower bad cholesterol, along with diet, adding trilipix can lower fatty triglycerides and raise good cholesterol to help improve all three cholesterol numbers. trilipix has not been shown to prevent heart attacks or stroke more than a statin alone. trilipix is not for everyone, including people with liver, gallbladder, or severe kidney disease, or nursing women.
opec has removed 3 million barrels per day of oil from the supply side of the market. dramatically down by two. so there's a 1 million barrel per day or close to 1 million barrel per day deficit in -- >> addison, i know you want to respond, but we've got to go. just say no to subsidies, guys. thank you. see you later. foreclosures hitting record levels for the third time in the last five months. but are they really the thorn in the recovery's side? we're going to tell you when we come...
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Aug 3, 2009
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also opec saying that oil supply rose for a third month in july as higher output from saudi arabia offset less output from elsewhere. crude oil trading up $2 on the day. we've got a rally there, trish? >>> google ceo, eric schmitt has resigned from the board of directors. more of apple's core businesses. here's how they're currently trading. both of them moving higher right now. both better than 1%. jim goldman live from san jose with more on this story.y. good morning, jim. >> good morning, trish. yeah, his position has been tenuous for months with analysts calling for his resignation as the two companies competed more directly with one another. but all along schmidt has been dismissing the criticism, telling the mercury news just this past saturday that the pros far outweighed the cons for him to keep his seat. he saw nothing wrong with any of this. apple released a statement quoting steve jobs this morning saying unfortunately as google enters more of the core businesses of apple, eric's effectiveness as a board member will be significantly diminished since he'll have to reaccuse himse
also opec saying that oil supply rose for a third month in july as higher output from saudi arabia offset less output from elsewhere. crude oil trading up $2 on the day. we've got a rally there, trish? >>> google ceo, eric schmitt has resigned from the board of directors. more of apple's core businesses. here's how they're currently trading. both of them moving higher right now. both better than 1%. jim goldman live from san jose with more on this story.y. good morning, jim. >>...
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Aug 11, 2009
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." >>> opec cutting demand forecast. and a little more than 2%, 2.3% on the session. we have a programming note and we'll talk live with james volcker, get his take on where he sees petroleum prices heading later on in the show. trish. >> thanks, melissa. the summer rally one month old today, look at how the gains have stacked up. we have a board we can show you right here. maybe not. there we go. down 107 today. but take a look at that one-month chart up better than 13%. some on wall street are expecting a pullback and others believe this rally still has some legs to it. well, does it? we're going to ask our bull, berry encram and doug de vrut for united wealth management. good to see you. >> thanks, trish. so ernie, you say it is not too late for investors to get into this market. how much more room does it have to go? >> trish, the big question is not can it go farther. i think it can. but clearly, you go up 60% in five months, and we're giving some back, not a big surprise. but i think if you look out to the end of the year, where do you want to be? do you want to
." >>> opec cutting demand forecast. and a little more than 2%, 2.3% on the session. we have a programming note and we'll talk live with james volcker, get his take on where he sees petroleum prices heading later on in the show. trish. >> thanks, melissa. the summer rally one month old today, look at how the gains have stacked up. we have a board we can show you right here. maybe not. there we go. down 107 today. but take a look at that one-month chart up better than 13%....
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the iraqi oil minister saying today opec should not boost production at its meeting. prices where they need to be. nat gas. dollar is stronger, gold down, silver and copper are to the upside. melissa, back to you. >> brian, i just want to point this out, oil is a big story today, trading right at the top this range oil trapped in for a while, everybody familiar with the top of the 50s up to mid 70s trying to get to the high 70s, this is a pretty essential trade today. what are the people on the floor telling you whether they can break free? they are feeling resistance? >> volume is still relatively light. if they do breakthrough 7 to 5, they think the past to 802085 is relatively clear. so, does seem to be a battleground. we got as high as 7481. the resistance is definitely there. if it breaks out there will be momentum trade to the upside not there right now. >> without question, one to watch today. brian shactman, thanks so much. mandy? >> brian said it there oil markets, the equity markets moving in tandem. ten-month high for crude and equity markets. dow up .6, 95
the iraqi oil minister saying today opec should not boost production at its meeting. prices where they need to be. nat gas. dollar is stronger, gold down, silver and copper are to the upside. melissa, back to you. >> brian, i just want to point this out, oil is a big story today, trading right at the top this range oil trapped in for a while, everybody familiar with the top of the 50s up to mid 70s trying to get to the high 70s, this is a pretty essential trade today. what are the people...
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Aug 7, 2009
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plat's came out and said opec is cutting production by $100,000 barrels and that's something to think about. ray carbone said the recent rally has still been a head scratcher. today is more in keeping with what he expected. take a look at the whole complex. nat gas has a huge swing. it started off positive on the day, then had a sell-off late. when it comes to metals, gold is another one that was more affected by the dollar. in a tight range but i want to share with you something lou grasso of course, the brother of steve grasso basically told me he's from millennium futures at gold was actually tracking gold and not equities or the dollar. the rest of the metals were strong but sold off late. i will tell you, all of them positive for the entire week. and as i said to rick, people can talk about the s&p 500, rick, but this dollar, a bit of a decoupling with oil and equities has been fascinating to watch. >> absolutely, shack. as a matter of fact, what's really interesting is earlier in the day all of those comments were spot on. but commodities can't help it, the linkage there is more
plat's came out and said opec is cutting production by $100,000 barrels and that's something to think about. ray carbone said the recent rally has still been a head scratcher. today is more in keeping with what he expected. take a look at the whole complex. nat gas has a huge swing. it started off positive on the day, then had a sell-off late. when it comes to metals, gold is another one that was more affected by the dollar. in a tight range but i want to share with you something lou grasso of...
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Aug 23, 2009
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this man understands this better than anyone opec so that was brought up this would be a real interesting project to go on. so in doing all of these things, he basically offended a lot of people. by the early 1790s, he became in some ways the most hated man in all of england. and it eventually got so intense, you know, an old fashion angry mob came in burn his house down. and really set out to try to kill him. and ended up in the birmingham riots burned down about a dozen houses around birmingham. he managed to escape but never really felt safe again in england. and so in 7094, he set sail for america. and in doing that, he really cannot be rated one of the great amazing tradition of the american experts which was that he was kind of art first great scientist accepted he was the first kind of dissident scientist who decided to come to america to find a country where his ideas would be allowed to develop unfettered by angry mobs and the state and the king. and so he got here and was greeted as a hero. you develop a friendship with adams when adams was in london. and he's been an lot of tim
this man understands this better than anyone opec so that was brought up this would be a real interesting project to go on. so in doing all of these things, he basically offended a lot of people. by the early 1790s, he became in some ways the most hated man in all of england. and it eventually got so intense, you know, an old fashion angry mob came in burn his house down. and really set out to try to kill him. and ended up in the birmingham riots burned down about a dozen houses around...
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look at the super spike that took place last year and analyzed the numerous players, whether russia, opec countries increasing the price of oil by 50, $60 a barrel. how do you prove it was the speculators at the margin who were responsible for the spike. >> we did have an as et bubble in commodity prices the hedge funds and index investors and financial actors were part of it. certainly there were many factors. >> how about the federal reserve and cheap money? >> as i said, i think there were many factors, many imbalances with our low savings rates here in the u.s. and high savings rates overseas and yes even the low interest rate environment. >> we have to go. we've got to put -- an exclamation point on the end. do you and when we'll see limits if at all when you get around to imposing them. >> i look forward to consulting with my fellow commissioners and staff f. we were to move forward, i would imagine at least publishing rules in the fall, but i don't want to get ahead of myself. i need to consult with my fellow commissioners. >> thanks for joining us. >> thank you so much. >> we than
look at the super spike that took place last year and analyzed the numerous players, whether russia, opec countries increasing the price of oil by 50, $60 a barrel. how do you prove it was the speculators at the margin who were responsible for the spike. >> we did have an as et bubble in commodity prices the hedge funds and index investors and financial actors were part of it. certainly there were many factors. >> how about the federal reserve and cheap money? >> as i said, i...
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this one in venezuelan saying don't expect a hike in production at opec at next month's meeting. metal, gold is to the upside despite that stronger dollar toward zero from rbo telling me there's a lot of short covering from a light volume by will tell you, rick, from what i see, the british pound getting taken to the cleaners today, huh? >> i tell you, volatility in the british parliament in the last six weeks has been unbelievable. the fed has a buyback today before we get to the option. they're getting the longer maturities. they're buying 20-26 to 20-29, that's the size of the. efo, the confidence number out of europe. it's up for the fifth straight time. boy, a lot of offificials aroun globe are trying to damp down, tap down expectation. interesting there. the china story bob talked about had dozens of e-mails about it. did they buy too many things? do they have a too big a stockpile? this is key, especially when you look at durable goods orders today. you have to web, build widgets, rebuild inventory. last but not least, the dollar had a nice turn around. we're up close to h
this one in venezuelan saying don't expect a hike in production at opec at next month's meeting. metal, gold is to the upside despite that stronger dollar toward zero from rbo telling me there's a lot of short covering from a light volume by will tell you, rick, from what i see, the british pound getting taken to the cleaners today, huh? >> i tell you, volatility in the british parliament in the last six weeks has been unbelievable. the fed has a buyback today before we get to the option....
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Aug 19, 2009
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kuwaiti oil minister coming out saying, listen no, reason for opec to change anything because the price right now is, quote, satisfactory. quick look at natgas on the flat line. we've been down nine days in a row. hanover basically calling it a collapse in price. we'll see if it makes it double digits. mark, back to you. >> thank you very much. >>> warren buffett saying the government has getting the economy ban its feet. perhaps start thinking about taking a few steps back. in a "new york times" op-ed piece buffett writes, quote, the united states economy is now out of the emergency room and appears to be on a slow recovery, but enormous doses of monetary medicine continue to be administered. and err long, we will need to deal with the side effects. joining us managing member of douglas advisers. larry blazer, managing director with may flower advisers. what do you think? is buffett right? >> i think we do have to pay attention to all the money being pumped into the financial system, not just here but around the world. bad money is going to slosh around and some of it is finding its wa
kuwaiti oil minister coming out saying, listen no, reason for opec to change anything because the price right now is, quote, satisfactory. quick look at natgas on the flat line. we've been down nine days in a row. hanover basically calling it a collapse in price. we'll see if it makes it double digits. mark, back to you. >> thank you very much. >>> warren buffett saying the government has getting the economy ban its feet. perhaps start thinking about taking a few steps back. in a...
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opec has -- >> we should be, what, $30? >> we should be probably around $50 to $55. we do have china and india. their economies are doing well. the u.s. is still by far the largest consumer of oil. we certainly don't have the extra money right now to push prices to higher levels. >> all right. steve, thank you. and brian. >> i believe we have breaking headlines right now on the olympics. let's get to darren rovell for those. >> hi, erin. the international olympic committee executive board has recommended two sports for inclusion for the 2016 games. those sports are golf and rugby. those sports that would now be out are baseball, softball, karate, squash, and roller sports. by the way, tiger woods said that he would play if this was eventually ratified. this has to be now approved until october when the ioc full membership meets and it meets to get a majority approval there. but tiger woods said he would play in a 72-stroke match play kind of in the 2016 olympics. he would be 40, so assuming that he's not retired by then. guys, back to you. >> darren, jim cramer and i
opec has -- >> we should be, what, $30? >> we should be probably around $50 to $55. we do have china and india. their economies are doing well. the u.s. is still by far the largest consumer of oil. we certainly don't have the extra money right now to push prices to higher levels. >> all right. steve, thank you. and brian. >> i believe we have breaking headlines right now on the olympics. let's get to darren rovell for those. >> hi, erin. the international olympic...
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prices looked like they peaked around the july 4th weekend, dropped to 25 cents a gallon, and i think opec is picking our pocket again and with gasoline prices back up, i think that's hurting consumer sentiment. and especially as they're looking around to buy back the school supplies for their beloved offspring, then you've got to decide, it would be easier if i didn't have to spend so much money on my beloved clunker. >> but they still bought cars. stuart, thanks very much. of. >> okay. >> a lot of things beloved in this economy right now. when we come back, pimco's mohammed el-erian telling the "squawk box" this market is on a sugar high. and the vix, the measure of volatility is up 4%. is this a friday blip in the rally road or something bigger? our task force is waiting in the wings. >> you warned people about that vix. >> i did. >> and michael vick back in the nfl, a member of the philadelphia eagles. what will the fallout be for philadelphia, the nfl and the sponsors? an interview you'll see first here on cnbc. >>> and the massachusetts secretary of state rejecting an offer by fairfi
prices looked like they peaked around the july 4th weekend, dropped to 25 cents a gallon, and i think opec is picking our pocket again and with gasoline prices back up, i think that's hurting consumer sentiment. and especially as they're looking around to buy back the school supplies for their beloved offspring, then you've got to decide, it would be easier if i didn't have to spend so much money on my beloved clunker. >> but they still bought cars. stuart, thanks very much. of. >>...
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and then opec cutting their demand forecast for their customers not necessarily a bullish indicator, although only a slight reduction, as well. so we are down, we're at our lows over about two weeks for the price of crude. let's get out to rick now at the cme. >> thanks, matt. well, you know, if you look at what the s&p futures are doing, and you see the intraday chart on your screen, it seems as though the more traction they get to the down side, the more we see a fighting dollar. of that's the next chart. but keep in had mind, as nesto just pointed out, we're seeing commodities get hit hard. it's more the tail wagging the dog. and maybe nothing has changed. the equity markets are giving the dollar a bid, and they're taking the bid away from commodities. and, of course, all of this is putting a bid back in in treasuries, in another t-bill auction today off the chart strong, how much is really changed? we'll see in about 55 minutes. now let's go back to rebecca. >> all right. thank you so much, rick. fed policy makers have a lot of important data to chew on about the state of the eco
and then opec cutting their demand forecast for their customers not necessarily a bullish indicator, although only a slight reduction, as well. so we are down, we're at our lows over about two weeks for the price of crude. let's get out to rick now at the cme. >> thanks, matt. well, you know, if you look at what the s&p futures are doing, and you see the intraday chart on your screen, it seems as though the more traction they get to the down side, the more we see a fighting dollar. of...
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still plenty of supply out there when you look at the opec data coming out. latest survey from reuters saying they are producing above their quota by over 1 million barrels. let's send it over to you for stocks to watch. >> i'm taking on this today. small cap member of the russell 2,000, company coming out with earnings that beat on the bottom line. the top line a little bit soft than expected. they kept their full-year forecast down about 4 1/2% as you can see here today. so no action there. if you take a look at some of these british banks here today, i don't know if this is good news or bad news or late to the party or early but they're all coming in with less worse than expected results. they're all sharply higher here today. so maybe we're seeing the decoupling trade decoupling again. i don't know what the w decoupling acronym would be. we've got energy names and builders and the market loves them all ahead of those numbers. chesapeake will be out after the close today. 3% higher as i speak. check out pulte, the homebuilders have been on a tear.. up 30%
still plenty of supply out there when you look at the opec data coming out. latest survey from reuters saying they are producing above their quota by over 1 million barrels. let's send it over to you for stocks to watch. >> i'm taking on this today. small cap member of the russell 2,000, company coming out with earnings that beat on the bottom line. the top line a little bit soft than expected. they kept their full-year forecast down about 4 1/2% as you can see here today. so no action...
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those things were there is so much going on it comes to oil prices now about a month away from the opec meeting, rhetoric ramping up, iraqi oil minister says they shouldn't ramp up production, like the prices, budgets better, 75 than 35. look at oil today. running toward $75, 7481, resistance there, past 75, smooth sailing to 80 and 85. i want it look at the rest of the con plex, everyone looking about nat gas, spread so wide historically, nat gas turned around a bounce off the lows, told it is just short covering, quickly at the metals, gold reacting to a firmer dollar, silver, copper, more of a global growth story when it comes to those two metals, more so than gold, tightly correlated to dollar. carl, good to see you after the noon eastern hour. >> come back to the office, clean out your desk. >> good thing coneson not here, move it out anyway. >> got that right. thanks, brian. more on the disparity between oil and nat gas on power. stocks continue to power forward but has the rally gone too far too soon? get our task force. the chief strategist at mezumo securities, and adam bold, m
those things were there is so much going on it comes to oil prices now about a month away from the opec meeting, rhetoric ramping up, iraqi oil minister says they shouldn't ramp up production, like the prices, budgets better, 75 than 35. look at oil today. running toward $75, 7481, resistance there, past 75, smooth sailing to 80 and 85. i want it look at the rest of the con plex, everyone looking about nat gas, spread so wide historically, nat gas turned around a bounce off the lows, told it is...
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today -- it seems to me that we are sending 60% of our oil coming from overseas, and 60% coming from opec nations. we send to ledger $40 billion overseas to countries that that produced this oil. we have no idea of the environmental impact that is having. i thought to myself on many occasions, we should be doing from a public policy, security, so forth -- we should take advantage of all the natural resources that we have. mr. strickland, i talked with former senator salazar about this. at the same time, we should be as aggressive as any place in the world to find a way to use less oil. perhaps in a dozen years, we would be out there as the country that is least reliant on foreign sources of oil and the country that uses oil police, and then we would be, i think, in terms of competitiveness right where we should be. i am glad to know that you are moving for. i wish the president would talk about the fact that not only will we use less oil, but we are going to go after those areas where we can responsibly find oil. i would like you to look to that bill. it was put together and sponsored by
today -- it seems to me that we are sending 60% of our oil coming from overseas, and 60% coming from opec nations. we send to ledger $40 billion overseas to countries that that produced this oil. we have no idea of the environmental impact that is having. i thought to myself on many occasions, we should be doing from a public policy, security, so forth -- we should take advantage of all the natural resources that we have. mr. strickland, i talked with former senator salazar about this. at the...
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but we do not grill, -- drill, opec will. >> ladies and gentlemen, welcome national logger -- blogger. >> good morning. i hope you are enjoying a great lineup. what a great conference we are having, right? absolutely. i am thinking to myself, americans for prosperity some of you may remember a time when that would have been considered a redundancy, americans for prosperity. that is like say slimmers for getting wet. -- saying swimmers for guessing what. america was built for prosperity. american prosperity was an accident of history and geography. we did happen to land on a continent with a lot of natural resources. you just have to know how to use them. we happen to build a mighty arsenal of the market sea around the world for almost a century. -- market around the world for almost a century. the people who built this country were pretty smart people. they talk about rights. i want to get back to this bis. one hair raising experience -- the year to flee speaking of course -- figuratively speaking of course -- and you hear this from the left -- you talk about healthcare as a right. it
but we do not grill, -- drill, opec will. >> ladies and gentlemen, welcome national logger -- blogger. >> good morning. i hope you are enjoying a great lineup. what a great conference we are having, right? absolutely. i am thinking to myself, americans for prosperity some of you may remember a time when that would have been considered a redundancy, americans for prosperity. that is like say slimmers for getting wet. -- saying swimmers for guessing what. america was built for...
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today -- it seems to me that we are sending 60% of our oil coming from overseas, and 60% coming from opec nations. we send to ledger $40 billion overseas to countries that that produced this oil. we have no idea of the environmental impact that is having. i thought to myself on many occasions, we should be doing from a public policy, security, so forth -- we should take advantage of all the natural resources that we have. mr. strickland, i talked with former senator salazar about this. at the same time, we should be as aggressive as any place in the world to find a way to use less oil. perhaps in a dozen years, we would be out there as the country that is least reliant on foreign sources of oil and the country that uses oil police, and then we would be, i think, in terms of competitiveness right where we should be. i am glad to know that you are moving for. i wish the president would talk about the fact that not only will we use less oil, but we are going to go after those areas where we can responsibly find oil. i would like you to look to that bill. it was put together and sponsored by
today -- it seems to me that we are sending 60% of our oil coming from overseas, and 60% coming from opec nations. we send to ledger $40 billion overseas to countries that that produced this oil. we have no idea of the environmental impact that is having. i thought to myself on many occasions, we should be doing from a public policy, security, so forth -- we should take advantage of all the natural resources that we have. mr. strickland, i talked with former senator salazar about this. at the...
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and opec said global crude consumption will slump as economies try to emerge from recession. energy department says global crude demand will fall by $1.7, more than a forecast of the drop of 1.65 barrels. we've been watching crude. right now we're watching the futures market. crude below $70, up $0.21, trading $69.66. >>> british selling to melon $386 million as part of the a shake-up of management units. they lost to black rock bidding for barclays investment unit. deal expected to be completed in the fourth quarter. >>> "wall street journal" reporting jpmorgan chase is looking to sell 23 office properties in what may be the largest real estate sale of the year. according to the report the property offer could raise more than $1 billion. >> after months of secretly working with the fbi, bernie madeoff's right-hand man emerged in federal court tuesday and pled guilty to conspiracy and other charges. mary thompson in federal court for the hearing and she is here with us for more. >> a fascinating hearing to say the least. frankie passically said he knew what he was doing was c
and opec said global crude consumption will slump as economies try to emerge from recession. energy department says global crude demand will fall by $1.7, more than a forecast of the drop of 1.65 barrels. we've been watching crude. right now we're watching the futures market. crude below $70, up $0.21, trading $69.66. >>> british selling to melon $386 million as part of the a shake-up of management units. they lost to black rock bidding for barclays investment unit. deal expected to be...
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if we don't drill, opec will. [applause] >> ladies and gentlemen please welcome to the stage national blogger with hotair.com, ed morrissey. [applause] >> good morning. i hope you are enjoying a great lineup here. what a great conference we're having, right? absolutely. [applause] >> i'm thinking to myself, americans for prosperity, i don't know, some of you may remember a time when that would have been considered a redundacy. it's like saying swimmers are getting wet. america was built on prosperity. a lot of people don't think about it. some people just flat out deny it. people will tell you that american prosperity was an accident of history. we just happened to land on a continent with a lot of natural resources. we just happened to build a country of mighty arsenal of democracy around the world for almost a century and it was all an accident. that is absolutely not true. absolutely not true. the people who built this country were pretty smart people. and they talked about rights. and i want to get back to thi
if we don't drill, opec will. [applause] >> ladies and gentlemen please welcome to the stage national blogger with hotair.com, ed morrissey. [applause] >> good morning. i hope you are enjoying a great lineup here. what a great conference we're having, right? absolutely. [applause] >> i'm thinking to myself, americans for prosperity, i don't know, some of you may remember a time when that would have been considered a redundacy. it's like saying swimmers are getting wet. america...
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if we don't drill, opec will. [applause] >> ladies and gentlemen, please welcome to the stage national blogger with hot air.com, ed
if we don't drill, opec will. [applause] >> ladies and gentlemen, please welcome to the stage national blogger with hot air.com, ed
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we're sending, what, over 60% of our oil comes from overseas and about 60% of that is coming from the opec nations. we send about $240 billion, $300 billion overseas to countries that produce this oil. we have no idea of the environmental impact that that is having. and so i thought to myself on many occasions, what we should be doing as a nation from a public policy security, energy and so forth, is that we should take an advantage of all of the natural resources that we have, mr. strickland and i'm glad and i talked with former senator salazar about this, in terms of our own oil. at the same time, we should be as aggressive as anyplace in the world to find a way that we use less oil. so that perhaps in a dozen years, we would -- we would be out there as the country that's least reliant on foreign sources of oil, and the least -- and the country that uses oil the least. and then we would be, i think, in terms of competitiveness, right up there where we should be. so i'm glad to know that you're moving forward and i wish the president, when he talks about the issue of becoming oil independ
we're sending, what, over 60% of our oil comes from overseas and about 60% of that is coming from the opec nations. we send about $240 billion, $300 billion overseas to countries that produce this oil. we have no idea of the environmental impact that that is having. and so i thought to myself on many occasions, what we should be doing as a nation from a public policy security, energy and so forth, is that we should take an advantage of all of the natural resources that we have, mr. strickland...
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if we don't drill, opec will. [applause] >> ladies and gentlemen, please welcome to the stage national blogger with hot air.com ed forcey. ♪ ♪ >> good morning. i hope you're enjoying a great lineup here for americans for prosperity foundation. what a great conference. absolutely. so i'm thinking to myself, americans for prosperity. i don't know, some of you may remember a time when that would have been considered a redundsy. americans for prosperity. it's like saying swimmers for getting wet weather. america was built for prosperity. this is the thing that people don't remember, a lot of people don't think about. some people just flat out deny. america was built for prosperity. people will tell you that american prosperity was an accident of history and geography. we just happened to land on a continent with a lot of natural resources. we just happen to know how to use those resources. we just happen to build a country, a mighty arsenal of democracy that has suspended democracy around the world. and it is j
if we don't drill, opec will. [applause] >> ladies and gentlemen, please welcome to the stage national blogger with hot air.com ed forcey. ♪ ♪ >> good morning. i hope you're enjoying a great lineup here for americans for prosperity foundation. what a great conference. absolutely. so i'm thinking to myself, americans for prosperity. i don't know, some of you may remember a time when that would have been considered a redundsy. americans for prosperity. it's like saying swimmers...